Form 720 Declaring assets outside Spain


Every person that spends more than 183 working days in Spain and with more than 50’000€ outside Spain will have to do an income tax declaration.

 agencia tributaria

Otherwise you the risk to be fined
How to do it?
The form you need to fill out is the 720, you can download it from this page: You can submit it telematically via Internet. You need a tax identification number and a an electronic certificate X.509.V3 installed on your browser, or electronic signature systems incorporated to the identity card.
Many residents will call a tax advisor, but what about those who want to do it themselves ? We need the NIE, on the webpage of the Agencia Tributaria we will get a code and with this code you need to go to the neares tax office , there you will receive another number that you need to fill out the form 720 online. In this case you will need an interpreter, because this proceeding can be complicated, even for a Spanish person. What happens if you have more than 50’000€ outside Spain and you don’t declare it? The penalty can go from 5’000€  up to 10’000€, if you fail to declare or data are missing. The tax offices are now connected between themselves internationally , therefore they communicate more than ever before. If there are still doubts or something is unclear, it is better to rely on an expert. he deadline to submit the declarations is the 30th of April and after you know all this, it is important to do it.

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